Insider Selling: Archer Aviation Inc. (NYSE:ACHR) Director Sells 63,000 Shares of Stock

Archer Aviation Inc. (NYSE:ACHR) Director Michael Spellacy sold 63,000 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $7.10, for a total value of $447,300.00. Following the transaction, the director now directly owns 191,513 shares of the company’s stock, valued at approximately $1,359,742.30. This represents a 24.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Archer Aviation Stock Performance

NYSE ACHR traded up $1.23 during trading on Friday, reaching $8.40. The company’s stock had a trading volume of 83,975,687 shares, compared to its average volume of 11,755,604. The business’s fifty day moving average price is $4.78 and its 200-day moving average price is $4.05. Archer Aviation Inc. has a twelve month low of $2.82 and a twelve month high of $9.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of -5.88 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the firm posted ($0.19) earnings per share. As a group, analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Hedge funds have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC purchased a new position in shares of Archer Aviation during the 3rd quarter worth approximately $26,000. Code Waechter LLC acquired a new position in Archer Aviation during the third quarter worth $30,000. Azzad Asset Management Inc. ADV purchased a new position in Archer Aviation in the third quarter worth $31,000. Hollencrest Capital Management lifted its holdings in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,000 shares during the period. Finally, CWM LLC boosted its position in shares of Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday. HC Wainwright began coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. Canaccord Genuity Group increased their target price on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research report on Friday. Finally, Needham & Company LLC began coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target for the company. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.25.

Archer Aviation Company Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.